External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>We note that Marico’s thrust on enhancing its fundamentals is well captured by the market.</li><li>Renewed focus on distribution expansion, portfolio enrichment, and enhancing margin is encouraging.</li><li>However, valuations at FY26E P/E of 43x capture the positives. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We note that Marico’s thrust on enhancing its fundamentals is well captured by the market.Renewed focus on distribution expansion, portfolio enrichment, and enhancing margin is encouraging.However, valuations at FY26E P/E of 43x capture the positives. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Marico - Better Q1FY25 Commentary; Valuations Factor-In Prospects

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We upgrade Marico to BUY from ADD with TP of Rs 650 (45x FY26 EPS, 10% premium to its 5 year Average PE) and move it to high conviction list within staples pack as worst is behind us wr.t muted volume growth, pricing correction, loss related to new business and transient currency headwinds</li><li>We expect Marico to see Revenue/ Ebitda / PAT Cagr of 6/13/13% respectively over FY23-26 as 1) Domestic business fires on all cylinders –(a) Parachute (35% of domestic sales) expected to see mid-single volume growth on back of market share gains and conversion from unbranded to branded, as we have always seen in inflationary copra environment</li><li>Moreover, we expect double digit revenue growth in FY25 on back of mid to single digit price hikes (b) Saffola edible oil (20% of domestic sales) expected to see volume led mid single digit value growth in FY25, courtesy pricing correction anniversarian (down 20% in FY24) (c) VAHO – easing competitive intensity in BOP segment along with uptick in mid to premium end segment shall drive much better outcomes</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We upgrade Marico to BUY from ADD with TP of Rs 650 (45x FY26 EPS, 10% premium to its 5 year Average PE) and move it to high conviction list within staples pack as worst is behind us wr.t muted volume growth, pricing correction, loss related to new business and transient currency headwindsWe expect Marico to see Revenue/ Ebitda / PAT Cagr of 6/13/13% respectively over FY23-26 as 1) Domestic business fires on all cylinders –(a) Parachute (35% of domestic sales) expected to see mid-single volume growth on back of market share gains and conversion from unbranded to branded, as we have always seen in inflationary copra environmentMoreover, we expect double digit revenue growth in FY25 on back of mid to single digit price hikes (b) Saffola edible oil (20% of domestic sales) expected to see volume led mid single digit value growth in FY25, courtesy pricing correction anniversarian (down 20% in FY24) (c) VAHO – easing competitive intensity in BOP segment along with uptick in mid to premium end segment shall drive much better outcomesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Marico (4QFY24): Well Oiled for Growth. Upgrade to BUY

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>ICICI Securities research report onMarico Over the last few years, Nestle and Jyothy Labs delivered volume outperformance thanks to activating the sales growth vector effectively (numeric distribution expansion and improved line selling).</li><li>Marico, with its new urban distribution (expansion) strategy and likely outperformance in D2C brands, has material potential to outperform in FY24-26E.</li><li>Apart from this, it is focusing on improving distributor ROI, better credit terms, range, assortment, etc.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Securities research report onMarico Over the last few years, Nestle and Jyothy Labs delivered volume outperformance thanks to activating the sales growth vector effectively (numeric distribution expansion and improved line selling).Marico, with its new urban distribution (expansion) strategy and likely outperformance in D2C brands, has material potential to outperform in FY24-26E.Apart from this, it is focusing on improving distributor ROI, better credit terms, range, assortment, etc.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Marico - Acceleration in Diversified Portfolio While Core Stabilises

Thematic (Sector/Industry)

<ul><li>We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth</li><li>At an aggregate level, we expect revenue/EBITDA/net income growth of 6/4/2% respectively in 2QFY25.</li><li>Consumer staples Our ground checks suggest that the demand environment for FMCG has not seen any meaningful improvement owing to (1) subdued macro, (2) hygiene inventory correction undertaken by a few companies to improve the health of the system, (3) adverse weather conditions impacting consumption of cold beverages, (4) largest MT player undertaking significant inventory optimisation measures, which has reduced offtake from FMCG companies, (5) no meaningful improvement in liquidity situation, as funds which were expected to get released back into the system (post elections) are yet to come back, (6) market share gains via quick commerce from traditional channels, where D2C has a better edge in the QC channel.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growthAt an aggregate level, we expect revenue/EBITDA/net income growth of 6/4/2% respectively in 2QFY25.Consumer staples Our ground checks suggest that the demand environment for FMCG has not seen any meaningful improvement owing to (1) subdued macro, (2) hygiene inventory correction undertaken by a few companies to improve the health of the system, (3) adverse weather conditions impacting consumption of cold beverages, (4) largest MT player undertaking significant inventory optimisation measures, which has reduced offtake from FMCG companies, (5) no meaningful improvement in liquidity situation, as funds which were expected to get released back into the system (post elections) are yet to come back, (6) market share gains via quick commerce from traditional channels, where D2C has a better edge in the QC channel.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer (Q2FY25 Results Preview): One more soft quarter but outlook is improving

<ul><li>We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth.</li><li>At an aggregate level, we expect revenue/EBITDA/net income growth of 5.6/6.3/6.7% respectively in 1QFY25.</li><li>Our ground checks suggest that the demand environment for FMCG products has started gradually improving because of (1) improving volume growth trends in rural areas on the back of a favourable base and the reducing impact of inflation</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth.At an aggregate level, we expect revenue/EBITDA/net income growth of 5.6/6.3/6.7% respectively in 1QFY25.Our ground checks suggest that the demand environment for FMCG products has started gradually improving because of (1) improving volume growth trends in rural areas on the back of a favourable base and the reducing impact of inflationContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FMCG, QSR & Alco Bev (Q1FY25 Results Preview): On an improving trajectory

India

Marico Limited manufactures consumer products and services in the beauty and wellness space. The Company is known for its presence in the following categories: Coconut Oil, Hair Oils, Anti-lice Treatment, Premium Refined Edible Oils and Fabric Care. Marico Limited is present in the Skin Care Services segment through Kaya Skin Clinics.

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Marico Ltd (MRCO IN)

Marico - Better Q1FY25 Commentary; Valuations Factor-In Prospects

We note that Marico’s thrust on enhancing its fundamentals is well captured by the market. Renewed focus on distribution expansion, portfolio...

Emkay

Marico (4QFY24): Well Oiled for Growth. Upgrade to BUY

We expect Marico to see Revenue/ Ebitda / PAT Cagr of 6/13/13% respectively over FY23-26 as 1) Domestic business fires on all cylinders –(a)...

HDFC Securities

Marico - Acceleration in Diversified Portfolio While Core Stabilises

ICICI Securities research report onMarico Over the last few years, Nestle and Jyothy Labs delivered volume outperformance thanks to activating the...

ICICI Securities Limited

Consumer (Q2FY25 Results Preview): One more soft quarter but outlook is improving

We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth. At an aggregate level, we expect...

HDFC Securities

FMCG, QSR & Alco Bev (Q1FY25 Results Preview): On an improving trajectory

We expect our consumer coverage to report revenue growth in mid-single-digits (6% yoy), driven by volume growth. At an aggregate level, we expect...

HDFC Securities

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